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Unit 5 Business Accounting - Assignment 2

The document provides an assignment brief for a BTEC Level 3 Extended Diploma in Business unit on preparing profit and loss accounts and balance sheets. Students are asked to prepare the financial statements for the Vashi branch of Acrobats Ltd for the year ending December 31st 2020 using the provided trial balance figures. The assignment must be submitted by May 2nd 2020 and criteria for achieving a Pass grade of P4 is accurately completing the profit and loss account and balance sheet.

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Nitesh Mishra
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137 views3 pages

Unit 5 Business Accounting - Assignment 2

The document provides an assignment brief for a BTEC Level 3 Extended Diploma in Business unit on preparing profit and loss accounts and balance sheets. Students are asked to prepare the financial statements for the Vashi branch of Acrobats Ltd for the year ending December 31st 2020 using the provided trial balance figures. The assignment must be submitted by May 2nd 2020 and criteria for achieving a Pass grade of P4 is accurately completing the profit and loss account and balance sheet.

Uploaded by

Nitesh Mishra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Assignment brief

Qualification BTEC Level 3 Extended Diploma in Business (QCF)


Unit number and title Unit 5: Business Accounting
Start date 25/04/2020
Deadline 02/05/2020
Assessor name Nitesh Mishra

Assignment title Profit & Loss & Balance Sheets

The Purpose of this assignment is to prepare the financial statements of the company which highlights the
profit/loss of the company.
Grading Criteria

Task Grading criteria Deadline


Prepare a profit and loss account and
1 P4
balance sheet for a given organisation

Learning Objectives Covered:


LO3 Be able to prepare profit and loss accounts and balance sheets

Scenario: -After sending email relating to the differences in cash flow forecast. Mr Nayan Batra
has requested to come to Accounts Department and shown you the trial balance of Acrobats.Ltd.
Accounts Department is preparing P & L as well as Balance sheet for the organisation. Hence Mr
Nayan had requested you to solve the trial balance and submit the report to the directors of
Acrobat Ltd.

Task 1: To achieve P4, you have to complete the below task

Using the figures from the trial balance below, create a Profit & Loss Account and Balance
Sheet for the Vashi branch of the Acrobats Ltd for year-end December 31st 2020.

Dr( ₹) Cr( ₹)
Sales 28,794

Purchases 23,803

Rent and Rates 854

Lighting expenses 422


Salaries 3,164

Insurance 105

Shop buildings 50,000


Shop fixtures and
fittings 1,000

Debtors 3,166

Trade expenses 506


Creditors 1,206

Bank account 3,847

Drawings 2,400

Motor van 5,500

Van running expenses 1,133


Capital   65,900

95,900 95,900

*Stock at 31st December ₹ 4,116

Depreciation:
 Motor Van was bought in 2014 for ₹ 5,500. It is estimated that the vehicle will be used for
four years and then be sold for ₹ 1,500.
 Shop fixtures and fittings were bought in 2014 for ₹ 1,000. It is estimated that they will
be useful for 3 years and will be scrapped for a value of ₹ 250.

Evidence required for the Task: A Format of P & L and Balance Sheet with necessary
documents.

Further guidance:
Refer to the following for as guidance material:
a. Hand out notes on the topics circulated in the class.
b. You will need to visit the company of your choice. Appointments can be arranged on request, however it is
desirable for you to obtain contacts and get appointments individually.
You will have to quote the contact details of all the people visited for this project.

Sources of information
 Notes ,ppts and handouts given in class
This brief has been verified as being fit for purpose
Assessor Nitesh Mishra
Signature Date
Internal verifier Bharat Vaswani
Signature Date

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